The number of phishing attacks reported to the Anti-Phishing
Working Group increased by 180% in April, according to the industry
association. Financial firms accounted for fifteen of the twenty
most targeted companies, with Citibank worst hit by the fraud
attempts.27 May 2004
Phishing occurs when a fraudster sends an e-mail that contains a link to a fraudulent web site where the users are asked to provide personal account information. The e-mail and web site are usually disguised to appear to recipients as though they are from a trusted service provider, financial institution or on-line merchant.
The APWG estimates that the attacks have a 5% response rate which, if accurate, is exceptionally high. The APWG received 402 complaints about phishing in March, but 1,125 reports in April – an increase of 180%. Since November 2003, attacks have risen almost 4,000%.
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